Should I pursue a part-time degree with 33k personal debt? What are my options moving forward?

I am in my late 20s and have an IT diploma. Worked for a GLC (3.6k/month & 1x Bonus). In a debt repayment scheme ($500 the next 60 months and 25% of my yearly net bonus). Diagnosed Type 2 Diabetic. No personal insurance and savings. Currently studying part-time specialist diploma.

I am in no rush to take a degree and I know emergency funds and insurance is important. But I just want to know if taking a degree would be viable in the coming years and what are my options despite these challenges.

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JeffreyLeeZQ

16 Mar 2021

Writer at Jeffreyleezq.com

To answer this, you got to ask yourself why you are pursuing this degree for first.

Will this degree help you much in your future career progression? Cause I personally have friends whose degrees didn't help them much in their salary/career progression and regretted pursuing their degrees.

If this degree helps you open more doors, then great. But then do consider whether the student loan is justified. Perhaps a good starting point is to calculate how many years you would have to take to pay off all $33k of student loan with interest. It doesn't make sense if you end up spending the next decade trying to paying off your student loan, for limited career opportunities.

There are a lot of other upskilling courses or diplomas that are heavily subsidised as well that I think you can favourably consider. These are generally shorter in duration, much more targeted in certain skill sets, and require less committment. Not to mention more afforable as well.

Cheers and all the best! :)

- Jeffrey (jeffreyleezq.com)

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